Residential Builder's Salesperson
Practice Exam Questions And Answers
In a typical construction loan, the interest rate is locked for the entire term of the
loan.
True
Both company overhead and project overhead should be accounted for in a projects
estimate.
True
Salespeople shall not begin selling until they receive their license and pocket ID card.
True
A material breach of contract is the most serious of contract breaches.
True
If a sale was initiated and completed by a salesperson at a person's home, the
customer has a right to cancel that contract within __________days.
,3
If a contract is negotiated on the premise of price per square foot of material installed,
this would be a ____________
Unit Price contract
Costs that a contractor incurs such as administrative costs to service the project while
under construction are called _________
Company Overhead
Company overhead can include
Office expenses, facility maintenance expense, electrical expenses
A complete list of all of the materials and items of work that would be required to
complete a project are ____
Quantity survey (take off)
Can an unlicensed contractor who is required to be licensed impose a lien against a
homeowner?
No
, Public Act 299 provides for licensing and the right to engage in business as _______
A salesperson, residential builder, and M&A contractor
If a salesperson doesn't intend to renew their license after it has expired, do they have
to return it to the Department?
Yes
Typically ____________________ are hired by mortgage companies and lenders to
represent their interest in closing a loan.
Title Companies
An explicit warranty made by a manufacturer or seller is an Implied Warranty
False
If a customer is listed on the National Do-Not-Call Registry, but there is an established
business relationship, a seller can still call within _____________ months of the
consumers last purchase, delivery or payment.
18
Practice Exam Questions And Answers
In a typical construction loan, the interest rate is locked for the entire term of the
loan.
True
Both company overhead and project overhead should be accounted for in a projects
estimate.
True
Salespeople shall not begin selling until they receive their license and pocket ID card.
True
A material breach of contract is the most serious of contract breaches.
True
If a sale was initiated and completed by a salesperson at a person's home, the
customer has a right to cancel that contract within __________days.
,3
If a contract is negotiated on the premise of price per square foot of material installed,
this would be a ____________
Unit Price contract
Costs that a contractor incurs such as administrative costs to service the project while
under construction are called _________
Company Overhead
Company overhead can include
Office expenses, facility maintenance expense, electrical expenses
A complete list of all of the materials and items of work that would be required to
complete a project are ____
Quantity survey (take off)
Can an unlicensed contractor who is required to be licensed impose a lien against a
homeowner?
No
, Public Act 299 provides for licensing and the right to engage in business as _______
A salesperson, residential builder, and M&A contractor
If a salesperson doesn't intend to renew their license after it has expired, do they have
to return it to the Department?
Yes
Typically ____________________ are hired by mortgage companies and lenders to
represent their interest in closing a loan.
Title Companies
An explicit warranty made by a manufacturer or seller is an Implied Warranty
False
If a customer is listed on the National Do-Not-Call Registry, but there is an established
business relationship, a seller can still call within _____________ months of the
consumers last purchase, delivery or payment.
18
